An Empirical Study On The Relationship Between Stakeholders Satisfaction And Real Estate Industry Performance

In China, the real estate industry relates to major economic problems and livelihood projects, and it is a complex process of daily operations of the real estate enterprises, resulting in a number of social problems: increasing housing quality complaints, violations of the interests of consumers; tax unpaid, tax evasion and tax dodging of enterprises are seriously, these have a negative impact on the real estate enterprises. So the real estate enterprises should put their own business into the more broadly relevant interest groups to consider, so that enterprises can be sustainable development. In recent years, the Government has put forward the real estate control policies, accelerate the establishment of long-term mechanism for regulation of the real estate market. From the macro environment, market environment and public opinion analysis, real estate enterprises to better focus the interests of its stakeholders, not only has the significance of long-term strategic development, but also has strong practical significance.In order to ensure the survival and development of enterprises, enterprises should also be responsible for other stakeholders besides shareholders, concern all stakeholders interests including shareholders, it play an important role to achieve the operating performance of enterprises. With the development of stakeholder theory, many scholars began to study the relationship between stakeholders and enterprises operating performance. But the present study of the relationship between them has not yet reached the same conclusion, the research on the real estate industry is relatively less, this article introduces the variable of stakeholders satisfaction, study the relationship between stakeholders satisfaction and real estate industry operating performance through the systematic theoretical analysis and scienticic empirical analysis. This article first reviews relevant literature at home and abroad, on this basis, incorporating insights of resource-based view,contract theory, expectancy theory and input-output theory, we analyze the internal mechanism how stakeholders satisfaction affect real estate industry operating performance and point out stakeholders satisfaction is the key variable to influence real estate industry operating performance.Next, this article provides a definite range for the stakeholders based on value chain theory and the characteristics of Chinese real estate enterprises, and establish index system about stakeholders satisfaction and real estate industry operating performance; on this basis, select a sample of 25 Chinese real estate listed companies from 2002 to 2009, use Eviews 6.0 software, an empirical study about the relationship between stakeholders satisfaction and the real estate industry operating performance is conducted by applying unit root test, cointegration test and error correction model in panel data; last, analysis the problems of stakeholder management of the real estate industry and put forward corresponding management strategies.The results of empirical analysis: first, stakeholders satisfaction and real estate industry operating performance have long-term equilibrium relationship by conducting panel unit root test and cointegration test; second, modeling error correction model, stakeholders satisfaction and real estate industry operating performance have short-term equilibrium relationship, and customers are the stakeholders that enterprises should focus on in long-term and short-term, enterprises should pay attention to shareholders and suppliers in the long-term. Then this article put forward corresponding classification management strategies by analysising the problems of stakeholder management in real estate industry, guiding the real estate industry to take difference management in practice, meeting their different interests need, this will help to improve the operating performance of the real estate industry.This article makes some creativities on study perspective and study methord, but has some imperfections. Due to time and data constraints, it only selects Chinese real estate listed companies as research object and unilaterally uses financial indexes to measure the degree of stakeholders satisfaction, there are also some non-financial indexes also affect the real estate industry operating performance, such as charity, which will be the direction for future research.